Risk Property Fund % Sale Marketing by als32300


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									Property Fund (unit trust)
(sub-advised by ING Real Estate)
fund objective
The Fund aims to provide capital growth and income from investment in a diversified property portfolio, primarily in direct
property, but it may include property-related securities and collective investment schemes, property derivatives, cash or
near cash and Government and other public securities.

percentage growth year by year to month end shown in table
          1 year to                       1 year to                        1 year to                         1 year to                       1 year to
         30/11/2010                      30/11/2009                       30/11/2008                        30/11/2007                      30/11/2006
           7.47%                           -4.51%                          -19.73%                           -11.22%                            N/A
percentage growth since launch
                                     3 months              6 months                1 year               3 years                5 years             Since launch
 Property Fund                         -1.52%               -0.25%                 7.47%                -17.63%                  N/A                  -14.00%
Past performance does not indicate future performance.
Source: Financial Express. The performance shown is of net asset value of the fund. Figures are on a bid to bid price basis with net income reinvested in Sterling
terms as at 30 November 2010. The value of units and the income from them may fall as well as rise. An investor may not get back the amount invested.
The IMA Property sector contains funds investing directly in UK commercial property and funds investing in global property related equities. This makes
comparisons between funds inappropriate due to the diverse nature of the objectives of the funds populating this sector, including differing benchmarks
and risk characteristics. Accordingly, it would be inappropriate to provide sector average statistics and quartile rankings as to measure the performance of
if the fund in this manner would be misleading.
While Financial Express and Skandia Investment Group have used all reasonable endeavours to ensure the accuracy of the information contained in this
factsheet, neither accept any liability in respect of the investment decisions of investors nor any loss arising from such decisions.

regional breakdown                                                                 sector breakdown
as at 30 November 2010                                                             as at 30 November 2010

                                                                                                                   Collective Investment
                                        London                                                                 Equities     1.7%
                                                     Greater                                                                             Cash
                                         8.3%                                                                   6.3%
                                                      5.7%                                        Offices

    Rest of UK
      54.1%                                                South East
                                                                                                  Industrial                                     34.6%

Fund factsheet | December 2010
top ten holdings
as at 30 November 2010
 Address                                                     Percentage
 Hulme Retail Park (Asda), Manchester                                8.7%
 Maidenhead Retail Park                                             6.0%
 The Interchange, Swanley                                           5.6%
 Mucklow Hill, West Midlands                                        5.0%
 Trojan Way, Croydon                                                4.3%
 Phase 300 Centennial Park, Elstree                                 4.0%
 180 West George St, Glasgow                                        3.9%
 Forbury Park, Reading                                              3.8%
 Units A & B, Clay Lane West, Doncaster                             3.6%
 62-64 Cornhill, London                                             3.5%

fund facts
These details are specific to the unit trust, which is operated and managed by Skandia Investment Group. Some or all of the
fund information below will differ for investments made via other Skandia products.

 Launch date                                                                                                                         2 December 2005
 Fund manager                                                                                           ING Real Estate Investment Management
 IMA sector                                                                                                                                      Property
 Initial charge                                                                                                                                      5.0%
 Annual management charge                                                                                                                           1.35%
 Total expense ratio                                                                                                                                 1.75%
 Minimum investment                                                                          Lump sum £1,000, regular savings £50 per month
 ISA eligibility                                                                                                                                       Yes
 Type of unit                                                                                                                                      Income
 Income frequency                                                                                                                             Half-yearly
 XD dates                                                                                                               31 March and 30 September
 Payment dates                                                                                                              31 May and 30 November
 Historic yield as at 30 November 2010                                                                                                               3.6%
 Valuation point                                                                                                                    Daily 12 noon GMT
 SEDOL                                                                                                                                         B0NK8K2
 ISIN                                                                                                                                 GB00B0NK8K20
 MEXID                                                                                                                                             SNPRP
 Fund size as at 30 November 2010                                                                                                               £453.9m
 Number of properties                                                                                                                                   25
 Average lease length as at 30 November2010                                                                                                     9.9 years
 Average vacancy rate as at 30 November2010                                                                                                           5.1%

Skandia has offered a Property Fund in its onshore Life and Pension Fund ranges for several years. The unit trust is available direct from Skandia Investment
Management Limited, through Skandia Investment Solutions and as an offshore investment via Royal Skandia. The Skandia Property Life and Pension Funds
invest predominantly into the unit trust, but also hold some other assets so have a slightly different asset allocation.

Fund factsheet | December 2010
important information
The past performance of an investment is not a guide to               There is no certainty that the actual price realised on a sale
future investment performance.                                        of an investment in land or a building will reflect the most
                                                                      recent valuation and it could be substantially lower.
What you get back will depend on investment performance
and is therefore not guaranteed.                                      Investments in land and buildings may take longer to sell
                                                                      than investments in shares and fixed interest securities. This
You should appreciate that there are inherent risks in all            may affect the ability of investors to realise their investment
types of investment. There can be no guarantee that the               when they choose and, under certain circumstances, the
objective of the Fund will be achieved.                               Manager has the ability to defer redemptions. In exceptional
The annual management charge (AMC) is taken out of                    circumstances dealing in the Fund may be suspended.
the Fund’s capital rather than income. This may restrict or           The Fund operates two prices, a higher price at which you
reduce the capital value of your investment.                          buy units in the Fund (otherwise known as the buying, or
Funds that invest in a particular region or market sector may         offer price) and a lower price at which you sell them back
be more risky than funds that invest in a number of regions           to us (otherwise known as the selling, or bid price). The
or sectors. For this reason you should consider your degree           prevailing bid and offer prices may vary depending on
of exposure to this Fund in the context of all                        the flow of investors into and out of the Fund in order to
your investments.                                                     reflect the costs of buying and selling property. The costs
                                                                      of buying property include stamp duty at 4% and legal and
You should be aware that the use by the Fund of derivatives           valuation fees. The costs of selling property include legal
for the purpose of efficient portfolio management exposes             and marketing costs.
the Fund to the risk that the provider of the derivative
becomes insolvent while it owes money to the Fund.                    The Historic Yield reflects distributions declared over the
                                                                      past twelve months as a percentage of the mid-market
The Fund invests primarily in UK commerical property,                 unit price, as at the date shown. It does not include any
in other words land and buildings. It will tend to be less            preliminary charge and investors may be subject to tax on
volatile than the Skandia Global Property Securities Fund             their distribution. All expenses relating to the purchases
but invests predominantly in the UK and therefore does not            and sales of investments including acquisition costs, all
benefit from international diversification.                           redevelopment and refurbishment costs and all refinancing
The value of investments and any income from them                     costs directly attributable to a property, Manager’s periodic
can fall as well as rise due to changes in the value of               charge and Investment Adviser fees payable on acquisitions
commercial property.                                                  are charged against capital. This has the effect of increasing
                                                                      the distributions for the year and constraining the Fund’s
Property valuations are determined by independent                     capital performance to an equivalent extent.
property valuers and are based on opinion rather than fact.

Skandia Investment Group is a trading name of Skandia Investment Management Limited. Skandia Investment Management Limited is
authorised and regulated by the Financial Services Authority, FSA Registered Number 208543. Registered in England and Wales. Registered
Number: 4227837. Registered office: Skandia House, Portland Terrace, Southampton, SO14 7EJ.
                                                                                                                                          SIG121 (v001) 12-10

The Manager for the Skandia Property Fund is Skandia Investment Management Limited.


Fund factsheet | December 2010

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